ChiniMandi, Mumbai: 10th May 2023
Domestic Market
Domestic sugar prices fell
Domestic sugar prices fell by Rs 10-20 per Qtl in major markets on subdued demand after a rise for two days. Sugar prices at Kolhapur (S grade) traded in the range of Rs 3,390-3,430 per Qtl while in Muzaffarnagar (M Grade), prices were in the range of Rs 3,600-3,630 per Qtl. Trading activity is reported lower in Karnataka markets due to ongoing elections.
According to Agrimandi.live, prices are expected to trade in a broader range with a limited downside in the coming days. Lower supply is likely to keep prices supported in the coming months.
Ex-mill Sugar Prices as on May, 10 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3390 to 3410 |
₹3490 to 3520 |
|
Karnataka |
₹3520 to 3575 |
₹3600 to 3625 |
|
Uttar Pradesh |
|
₹3600 to 3675 |
|
Gujarat |
₹3425 to 3461 |
₹3505 to 3531 |
|
Tamil Nadu |
₹3550 to 3620 |
₹3620 to 3650 |
|
Madhya Pradesh |
₹3585 to 3625 |
₹3650 to 3695 |
|
Punjab |
₹3690 to 3721 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 10 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,858.75 |
|
Kanpur |
M/30 |
₹3,806.25 |
|
Kolhapur |
M/30 |
₹3,680.25 |
|
Kolkata |
M/30 |
₹3,990.00 |
|
Muzaffarnagar |
M/30 |
₹3,785.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $708.50/ton, whereas the New York Sugar #11 front month contract is trading at 26.12 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.017 whereas USD was trading with BRL at 4.9872, Crude futures traded at ₹5988, Crude WTI traded at $72.95/barrel. Sensex closed 178.87 points higher at 61940.20 whereas Nifty ended 49.15 points higher at 18315.10
News Round-Up
Season 2022-23: India’s sugar production updates by NFCSF
Sugar mills set to hit 12 per cent ethanol blending target
Alcochemagro to set up ethanol plant in Nashik
Around 45 cane collection centres to close operations soon
Sensex ends 178 points higher, Nifty above 18,300
